At its recent monthly Board Meeting held on the 3rd July 2018, the Reserve Bank Board kept official cash rates at a record low of 1.5%. It is now over 90 months or 7 and a half years since the official cash rate has risen in Australia.
Here is a snapshot of rate movements since November 3rd 2010 when official interest cash rates were at 4.75%.
| Date |
Movement down |
New Rate |
| November 2010 |
|
4.75% |
| November 2011 |
0.25% |
4.50% |
| December 2011 |
0.25% |
4.25% |
| May 2012 |
0.50% |
3.75% |
| June 2012 |
0.25% |
3.50% |
| October 2012 |
0.25% |
3.25% |
| December 2012 |
0.25% |
3.00% |
| May 2013 |
0.25% |
2.75% |
| August 2013 |
0.25% |
2.50% |
| February 2015 |
0.25% |
2.25% |
| May 2015 |
0.25% |
2.00% |
| May 2016 |
0.25% |
1.75% |
| August 2016 |
0.25% |
1.50% |
There have been 12 cuts to the official cash rate since November 2010.
The highest recorded official cash rate in Australia was back in January 1990 when interest rates peaked at 17.5%. The median house price in Perth at that time was $99,600.
How times have changed, especially when you look at the comparison chart below (source: REIWA):
| Year |
Official Cash Rate |
Perth Median House Price |
| 1990 |
17.5% |
*$99,600 |
| 2018 |
1.5% |
*517,650 |